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Unlocking Our Full Potential 2018 Report Integrated Limited Platinum American Anglo Contents ANGLO AMERICAN PLATINUM LIMITED INTEGRATED REPORT 2018 UNLOCKING OUR FULL POTENTIAL ANGLO AMERICAN PLATINUM LIMITED INTEGRATED REPORT 2018 CONTENTS OUR BUSINESS 1 Our approach to reporting PURPOSE: RE-IMAGINING 4 Group performance 5 Adding value MINING TO IMPROVE 6 Our business model 8 Global footprint and markets 10 Stakeholders PEOPLE’S LIVES 16 Our material issues BUSINESS CONTEXT AND STRATEGY 20 Our strategy – the next five years Unlocking our full potential 21 How we create value As unprecedented challenges in the global mining 23 Our approach to risk and opportunity management industry continue, Anglo American Platinum 32 Chairman’s letter 35 Chief executive officer’s review (Amplats) has proven its resilience and ability to PERFORMANCE REVIEW manage change with a focused strategy that is 40 Financial review unlocking our full potential and positioning our 56 Operations overview 56 Wholly owned group for a sustainable future. 58 Managed 66 Joint ventures and associates We are concentrating on elements within our 71 Process review 74 Pillars of value control and building the foundations for continuous 75 Socio-political (socio and relationship) improvement. Our strategic focus is on value. We 76 Safety and health (human) 76 People have therefore shaped our business to operate 77 Environment successfully in a fundamentally changed market – 78 Sustainability commitments 80 Key statistics driving the transformation that will make us more 86 Ore Reserves and Mineral Resources review robust, responsive and competitive. We have GOVERNANCE 92 Our board refined our portfolio by exiting certain assets and 94 Our executive committee focused on continuous improvement as well as 96 Corporate governance 104 Audit and risk committee report developing international markets for our products. 108 Social, ethics and transformation committee report Importantly, we are building strong relationships 112 Nomination committee report with all our stakeholders as our operations 114 Safety and sustainable development committee report concentrate on optimising their potential. 118 Remuneration report 138 Analysis of shareholders 139 Shareholders’ diary Refers to other pages in this report. APPENDICES 140 Administration SUPPORTING DOCUMENTATION ON THE WEBSITE SEPARATE DOCUMENT Full annual financial statements (AFS) Notice of annual general meeting 2018 Full ore reserves and mineral resources report Supplementary report GRI referenced index UN Global Compact Assessment King IVTM application register www.angloamericanplatinum.com/investors/annual-reporting/2018 OUR APPROACH TO REPORTING Amplats is a member of the Anglo American plc group, guided by the purpose and values of our parent while mindful of the complexities of our industry in developing our strategy. The synergies created by a common purpose, shared values and rigorous discipline underpin significant benefits for all stakeholders (page 15). This report sets out our progress against strategic goals, with supplementary information on our website. For completeness, we discuss risks, opportunities and trade-offs between our capitals under each strategic element, as well as the relationships between external and internal factors that enable Amplats to create value. We detail our outlook, again considering the risks, opportunities and trade-offs, to give stakeholders a balanced view of our group and its prospects. INTEGRATED REPORT REPORTING FRAMEWORK Our annual integrated report provides a holistic assessment • International <IR> Framework of the International of the group’s ability to create value. Integrated Reporting Council • South African Companies Act 71 2008, as amended It includes information extracted from the annual (Companies Act) financial statements and supplementary reports. It includes • JSE Listings Requirements non-financial aspects which, if not managed, could have a • King Report on Corporate Governance for South material impact on our performance and on our business. Africa 2016 (King IVTM*) • GRI (formerly Global Reporting Initiative) Standards The report is developed for a range of stakeholders, 2016 guidelines including employees, local communities, non-governmental • Anglo American plc group safety and sustainable organisations (NGOs), customers, investors and government. development (S&SD) indicators, definitions and guidance notes for non-financial indicators. These are available on request. SUPPLEMENTARY REPORT Detailed information supporting disclosures in the ASSURANCE Financial and several non-financial aspects of this report integrated report, as well as the GRI Standards index, and of our 2018 suite of reports are independently mining charter performance and glossary. assured. The report of the external auditor on our Given the scale of change in our group (workforce, summarised consolidated financial statements is on metrics and reporting standards), we could not provide page 4 of the AFS, while the external assurer’s report on comprehensive targets for the review period but have done specific non-financial indicators is on page 106 of the so for 2019 and beyond, where relevant. supplementary report. Available in print and online as a pdf ANNUAL FINANCIAL STATEMENTS REPORTING FRAMEWORK The audited annual financial statements present • International Financial Reporting Standards (IFRS) statutory and regulatory information required by the • Companies Act defined above company’s stock exchange listing. • JSE Listings Requirements ASSURANCE • The report of the external auditor on our financial statements is on page 4 of the AFS. ORE RESERVES AND MINERAL REPORTING FRAMEWORK RESOURCES REPORT • JSE Listings Requirements In accordance with the JSE Listings Requirement, • SAMREC Code guidelines and definitions Amplats prepared its Mineral Resource (2016 edition). and Ore Reserve statements for all its operations with reference to the SAMREC Code guidelines and ASSURANCE definitions (2016 edition). Competent persons have In compliance with the three-year external review and been appointed to work on, and assume audit schedule: responsibility for, the Mineral Resource • The Mineral Corporation conducted a detailed and Ore Reserve statements for all operations and numerical audit of the data gathering, data projects, as required. transformation and reporting of Mineral Resources and Ore Reserves for Unki Mine. * Copyrights and trademarks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved. Anglo American Platinum Limited Integrated Report 2018 1 OUR APPROACH TO REPORTING CONTINUED This integrated report is one of our primary communications with stakeholders. While it is prepared mainly for providers of capital and shareholders, financial information is balanced with commentary on our most material sustainability issues for a holistic view of the company. This report covers the 12 months to 31 December 2018 and follows a similar report for the year to 31 December 2017. REPORTING PRINCIPLES AND APPROACH Our integrated report is structured against the framework of the International Integrated Reporting Council (IIRC) and considers its guiding principles: CONSISTENCY STRATEGIC FOCUS RELIABILITY AND CONNECTIVITY AND AND FUTURE ACCOUNTABILITY COMPLETENESS OF INFORMATION COMPARABILITY ORIENTATION Year-on-year comparisons Insight on how our strategy Our leaders are accountable Our chief executive This report is a holistic demonstrate progress influences our ability to for the company’s actions, officer provides view of Amplats, with towards our strategic goals. create value in the short, and are the custodians of assurance that this report financial, operational and medium and long term. our governance framework. includes all our material non-financial aspects. Our governance structures priorities in a balanced way, and key issues they dealt and without material error. with in 2018 are detailed from page 97. This report includes disclosure on all entities in our consolidated in our integrated risk management process (page 23), or issues financial statements, but excludes non-financial data on our joint that are important to stakeholders (page 10). ventures. To identify as many relevant matters as possible, we took a For completeness, we also consider threats, opportunities and three-pronged approach: outcomes emanating from other entities or stakeholders with a • Internal materiality review significant effect on our ability to create value. • External materiality review We disclose our performance across all platinum group metals • Materiality workshop. (PGMs, expressed as platinum, palladium, rhodium, gold, iridium and ruthenium metal-in-concentrate) to better reflect the basket of The prioritisation of our material issues was reviewed and metals we produce. confirmed first by the executive committee and then by the board. Our business model (page 6) illustrates how Amplats considers the REPORT CONTENT capitals – financial, manufactured, human, social and relationship, As noted, in 2018 we have elected to report against our strategic natural and intellectual – articulated by the IIRC in creating value, as progress, after significantly repositioning our business over the past well as the trade-offs. five years to establish the platform for sustainable growth in the next phase of our strategy. DETERMINING THE REPORTING BOUNDARY Our material issues (summarised from page 16) are woven into this In line with the IIRC framework, in determining the boundary, we narrative and defined as issues with the greatest real and potential work
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